OPEC policy tough to predict due to econ gloom: Qatar

SINGAPORE (BestGrowthStock) – Qatar’s energy minister said on Monday it was difficult to predict what OPEC would decide on its oil output policy in 2011 because of the uncertainty surrounding the global economy.

“It is very difficult to predict what we should do next year (on output policy),” Abdullah al-Attiyah told Reuters in Singapore before attending an industry conference. “We have to watch the market very carefully.”

“Now it is still pretty gloomy because the world economy is still not clear, so it is very difficult to predict.”

The U.S. economy expanded at a 2 percent annual rate in the third quarter, according to data on Friday. The world’s biggest economy and largest oil consumer exited recession in June 2009 but growth braked abruptly in the second quarter of this year, coming in at a meager 1.7 percent rate.

Attiyah also said oil prices between $70 and $80 a barrel were “very comfortable for consumers and producers for the time being.”

Global oil prices have traded within this $10 range for most of this year. Oil rose 42 cents to $81.85 per barrel as of 9:27 p.m. EDT.

OPEC will hold its next conference on December 11 in Quito, Ecuador.

(Reporting by Randy Fabi; Editing by Manash Goswami)

OPEC policy tough to predict due to econ gloom: Qatar